- [Neil] Hey everyone, it's Neil Patel,
and today is another day of CRO Unlocked.
We're in week two, lesson two,
where we're going to go over e-commerce strategies
as well as some best practices.
E-commerce sales have been booming
last year alone $4.2 trillion worldwide,
which is a ton of money,
and is expected to grow to over $6.54 trillion by 2023.
Online shopping is one of the world's
most popular activities,
especially during periods like Black Friday or Cyber Monday.
And if you look at a lot of the large ecommerce companies
based on GMV, Alibaba's massive,
same with Amazon, JD, eBay, Shopify,
and the list just keeps adding up
and these companies are all going to grow
at a very rapid pace as more people start buying online.
I want you to go to neilpatel.com/training,
and click on CRO Unlocked,
where I want you to download your GMV guide
and use the steps to optimize your business.
When you think about the world's largest retailers,
there's a lot of retailers
and these are not all fully online
some of them are offline slash online.
So they do a little bit of both like Amazon,
Walmart, Costco.
Amazon's mainly online these days,
but they do own some offline stuff like whole foods.
And even companies like Home Depot in the United States
they're quite large as well.
There's a lot to learn from these retailers,
so let's go over the most valuable lessons.
Number one, protect your success
and learn from every mistake.
Then you want to learn everything you can
about your business.
You need to be super competitive
just like how sometimes there's price wars
or sometimes they get really creative
doing not just free shipping,
but free next day air shipping.
You want to focus on retaining customers
and providing the best experience.
I've also found that when you're just doing CRO,
and you're competing in business,
being persistent,
putting your team first,
whether that's safety
or whether that just making sure
that they're doing well from a mental, emotional standpoint.
Innovation is also huge.
The more innovative you can get.
Sometimes these days I'm seeing deliveries actually happen
by little drone bots
that are just roaming around the street,
which is pretty innovative
and is helping them get a leg up on their competition.
And no matter who you are you're going to have some failures,
just learn from them and keep adapting
and tweaking and innovating.
I also never want you to stop experimenting.
You need to be willing to fail,
and then adapt and learn from mistakes
so you can just keep going.
Because with CRO you're not going to get
the results you want always on the first time
or even second or third or fourth,
but if you keep going
eventually things will work out for you
as long as you're following the lessons, the worksheets,
the cheat sheets, the handouts that we're giving you,
so that way you can maximize yourselves.
You need to obsess about your customers
Amazon does this really well.
You need to really figure out what they want,
and if you figure out what they want
and you obsess about that
and you provide that, you'll win.
Identify and remove any risk in your business.
You can't do it for all of it,
but you can do for some.
Don't think short-term,
be willing to take short term losses for long-term gains.
The other thing that I found is
you need to have the right team.
I don't care how smart you are,
Elon Musk is the one putting everything into space.
Yes, he's part of it, but it's also his team.
And Jeff Bezos didn't create Amazon on his own,
he had an amazing team.
You need to be stubborn but flexible.
If you have data that shows that you're going to be right,
that's fine,
but you also need to be flexible
to other people's input and ideas.
I recommend that you diversify your offerings over time,
and speed and agility are super important
especially with testing.
I have asset for the top 25 retailers
and what you can learn from them.
You can find it all at neilpatel.com/training
click on CRO Unlocked, week two, lesson two.
You should also consider that trends
are going to constantly change
and they're changing at a quicker pace,
but you need to be leveraging them.
And you need to go online,
claim your business in Google,
use the different social media platforms
whether you like the,
what does that chat company Clubhouse,
or whether you like TikTok or hate it, it doesn't matter.
Just start leveraging them
and if they work great, use them more.
If they don't, then at least you have your account
and if it ever picks back up,
then you can start leveraging it in the future.
Optimize your content, your product pages, your emails.
Think of everything as a whole funnel.
Decide what to ungate gate on your content,
how to use online advertising.
Should you create a community, be part of it?
And once you get the traffic
one of the highest converting channels that you'll find,
is re-targeting.
And when you retarget to those people,
you'll find that because they're already warm to you
they're much more likely to convert.
I love retargeting, and you can do this on Facebook,
you can do this on YouTube,
you can do this on Google,
you can do this through banners all over the world.
It works extremely well
and Facebook and Google are the two main channels
to use for retargeting.
I have a guide on this,
again, you can get it at neilpatel.com/trainings
CRO Unlocked, week two, lesson two.
If you've used messenger bots,
it works extremely well.
There's MobileMonkey it's a tool that I love,
you should check it out.
And messenger bots are easy to setup,
they have a wizard that walks you through it, set it up,
and you can only send one message every 24 hours
if people aren't responding.
You're only allowed to send them one or more messages
if they're responding to you,
or else you risk getting blocked.
So just be careful with messenger bots.
The benefit though, compared to emails is their open rates.
Messenger has 80% plus open rates,
while emails are roughly at 20%.
Real people are less likely
to continually open your messages though
if you can't get them to reply.
So just make sure your messages are much more personalized
and that's what these bots are for.
And ways you can use them,
I like using them for lead capturing, giveaways,
I love using them for quizzes and webinars signups.
And you can just build up a connection with your audience.
I have a guide on messenger bots,
you can get it at the same place
that you get all the other guides.
It's in week two, lesson two.
One other thing to keep in mind
is, hey what are your competition doing?
So you're using messenger bots.
You're going out there.
You're optimizing your conversion.
You're doing retargeting.
You're doing all these things that we've talked about
in this lesson in previous lessons,
but what are your competitors doing?
And that's something that I want you to keep in mind too,
when you're going throughout this whole process.
There's the Porter Five Forces Model
that you should check out.
Threat of new entrance,
threat of substitutes,
bargaining power of buyers,
bargaining power suppliers,
rivalry among existing competitors.
There's also the PEST Analysis.
It analyzes the external environment of an organization,
often the most important analysis.
Then the most common one that a lot of people have heard of
is the SWOT Analysis.
It analyzes things like strengths, weaknesses,
opportunities and threats.
Hence it stands for SWOT.
When you take all the data that you're getting
from these analysis,
whether it's the PEST method,
or a SWOT analysis, or the Porter Five,
it'll give you tests ideas.
And when you're running tests,
you can end up running A/B tests
or even multivariate tests.
And a multivariate test
is when you're taking many different elements on a page,
and combining them and seeing what the best combination is,
versus just doing a straight up A/B test.
And with CRO unless you're getting a lot of traffic,
you're probably going to end up doing A/B testing
versus a multivariate test,
and you can use the neilpatel.com/ab-testing-calculator
to figure out which variation is winning,
or in crazy egg it just tells you which variation is within
so you don't really even need to use a calculator.
So how are companies like Amazon, New Egg, Shopify
and Big Commerce using CRO to maximize revenue?
Well, they're optimizing their site speed,
they're constantly improving their website navigation,
and optimizing their call to actions
and even testing new headlines.
In addition to that, you'll constantly see social proof.
Hence they have all these ratings and detailed reviews,
and they're combating fake reviews,
because that helps reduce abandonment cart rates.
And they also optimize the checkout process
by letting people pay through multiple payment methods,
such as PayPal,
and throughout this process what they found is
the simpler they make it,
the better they get with conversions.
Just like how Shopify has that shop now
where you just like click a button,
you log in it, pre-fills everything,
and then boom, you're off into the races.
If you need help with your conversion optimization,
check on my ad agency Neil Patel Digital.
If you can just enjoy this video, like it, share it,
tell people about it.
Thank you for watching.